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All About Reverse Mortgages

What is a Reverse Mortgage?

A Reverse Mortgage is a unique loan that enables senior homeowners to convert part of their equity in their homes into cash without having to sell the home, give up title, or take on new monthly mortgage payments.  Reverse Mortgages are available to individuals 62 or older who own their own home.

How a Reverse Mortgage Can Work For You

A Reverse Mortgage is available to borrowers based on three main factors:

(1) Age of the homeowner(s)

(2) Value and location of home

(3) Current interest rates

The loan is repaid when the seniors permanently move out of the home. 

Repayment will never exceed the value of the home.

 

Facts About a Reverse Mortgage: 

• No income qualifications
• No monthly mortgage payments required
• No repayment of the loan until the last borrower moves out permanently or passes away
• Seniors never have to leave their home
• Loan proceeds are tax-free and may be tax-deductible upon loan repayment*
• Loan proceeds may be paid in a lump sum, monthly payments, line of credit or any combination

A Reverse Mortgage Specialist can help determine if this is a good fit for your financial situation. 

 

Get your free education package and consultation TODAY!

 

Call 1-888-233-5865

Or

Email reverses@gmfslending.com

 

*Consult your financial advisor